The Israeli Knesset Postpones The Entry Into Force Of The Payment Services Law

 
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The Israeli Knesset voted to postpone the entry into force of the Payment Services Law from its original effective date of January 9, 2020, to October 2020.

The law is a comprehensive legislative arrangement of all types of payment services, including digital payment methods such as payment applications and payment services operated by non-banking entities. The new law regulates the use and offering of payment services on three levels: oversight of payment service providers; the contractual relationship between a payment service provider and its customer (payer or payee); and consumer protections and rights when engaging with payment service providers.

The law also establishes a liability mechanism protecting customers when they use a payment service, providing that the service provider is liable for loss or damage suffered by the customer, even if the service...

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